Payment transactions have been performed by swiping a card having a magnetic stripe at a point of sales (POS) device including a magnetic stripe reader. As the card is swiped various information necessary to complete the transaction is detected by the POS device. For example, the POS device uses identification information, payment type information, access control function information, card number (or primary account number PAN), and/or a card validation value detected from the magnetic strip of the card to successfully perform the payment transaction.
Alternative methods of performing payment transactions using an electronic device have been implemented. For example, magnetic stripe data may be stored at the electronic device and the electronic device may wirelessly transmit the magnetic stripe data to the POS device. Each electronic device uses a predetermined magnetic secure transmission (MST) configuration stored at the electronic device in order to generate a signal to securely transmit the magnetic stripe data. However, signal generated using the predetermined MST configuration is not compatible with each electronic device, merchant, POS device, and/or card network and results in unsuccessful payment transactions where an alternative payment method (e.g., card, cash, etc.) is necessary.
Accordingly, there is a need for an apparatus and method for improving successful payment transactions using an electronic device. In addition, there is a need for an apparatus and method for dynamically determining a MST configuration to perform a payment transaction based on context data associated with the electronic device.